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Category: Tax
Satisfied Customers: 12705
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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I recently sold my house and moved i am 74 and only draw ss

Customer Question

i recently sold my house and moved i am 74 and only draw ss and small pension.
so my question to you is i got $23,325 from sale what do i do in regards ***** ***** on this amount???
Submitted: 1 year ago.
Category: Tax
Expert:  Lane replied 1 year ago.



I can help here

Expert:  Lane replied 1 year ago.

As long as this was your primary residence (and the IRS test for that is having lived in the house for any two years out of the last five)...


This is completely excluded from tax


(IRC section 121)


Please let me know if you have questions